Although this country is a capitalist country, this does not mean that companies and organizations should feel free to increase their goods and services without informing the customers and having consultations with them. Today I will make some suggestions about how the banks should operate in these difficult times, because consumers are extremely upset about the new banking fees. My suggestions are as follows:
- Banks should give at least one month's notice prior to any increase in fees. The notice of increase should be sent either electronically or by hardcopy documents to all customers.
- When the fees become effective, then customers should be notified electronically or a hard copy document with the increases sent to them. Also, posters with the bank fees should be prominently displayed within the institutions, and also in their automatic banking machines (ABMs).
- When the increase goes into effect, the ABMs should display a sign stating what the fees for the service will be, prior to allowing you to go ahead with the transaction.
- Your receipt should show the bank charge that has been incurred at the end of the transaction..
- The laws should be changed to allow credit unions to compete effectively with the banks. For example credit unions should be able to take foreign exchange deposits.
We do not tolerate dictator governments so why should we accommodate dictators in the financial sector?
Please add your comments and ideas and share this post to as many persons as possible. Encourage them to add their comments and ideas also. This post along with the comments, will be sent to our leaders in government, the banking sector, heads of business organizations and consumer organizations.
Consumers must unite now and speak with one voice.
Note:
- Let me know if you have received more that one copy of this message.
- Look to the right side of the blog and you will see the links to my radio programme.
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True Mr Derby people soon go back to the old time keep there money under mattress lol but fun and joke aside.The bank must do better they are the ones benefit from our money more for it not just sit in the bank like that.They have make so changes .
ReplyDeleteCriminals will be happy for money Unda mattresses.
DeleteSolution is to bring in new players who won't be part of the tone deaf banking cartel.I recommend China,Switzerland or Japan since the ones we have are already in bed with Canada,USA,and UK.
I appreciate the way you help to solve problems while staying above the fray ..
DeleteI agree with the points.
ReplyDeleteActions need to be taken against these institutions. Some Credit Unions are also "getting in" on fees scam. Before fees are "approved" the financials should be examined to ascertain the reason for fees increase.
Action against them won't work since the government won't have the guts to take on the capitalist cartel in Jamaica.We don't have a fearless Seaga who understood capitalism and knew how to control them.Theyvwould however undermine his next elections.If Holness means business he could call a snap election then have 5 years to deal with them.
DeleteI really thought Lee Chin would cooperate and change the pace.Crwditbunionscused to create a balance but Omar Davis turned them into part of the banking cartel and they are as oppressive ascbanks with interest rates.Come on Nigel Clarke if them can't hear mek dem tone deaf ones feel.
They are like drug sellers got people addicted to go for free out of bank transactions then start to charge out you backside so you just keep on feeding the a addiction like the crackheads.
We blame the government for everything, we support these banks and other institution. If we don't actions and stand up for ourselves then these institution along with the government will continued to take disadvantage of us
DeleteMaybe we should just boycott where we can
ReplyDeletewhy do the flipping.banks needvgpmincreaee their fees in the first place?
ReplyDeleteI totally agree. No wonder some people prefer to keep the money under there beds. This is becomming intolerable. I stand with you to make a difference.
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ReplyDeleteI totally agree with you. These fees need to be displayed every where they offer services.
ReplyDeleteOn points,no more nicodemus mentallity.
ReplyDeleteI hear your points, but I don't see how posting warnings and signs can resolve the issues, when all it will do is give you the deadline time to accept. Just saying..
ReplyDeleteWhy not come up with some ideas of your own. The banks are united and so should we.
DeleteMaybe targeting an angle of proving it goes against some constitutional rights & then taking some legal action from that stand point, in an effort to try to thwart these increasing fees, may be a better route. I don't need a warning..I need it to end. ;)
ReplyDeleteThese banks must stop these incredible bank fees.
ReplyDeleteHold dung, tek wey
ReplyDeleteI agree with you sir enough of this foolishness the bank need to get them things together real hold dung tek sey
ReplyDeletePosting notices and advisories only serves to inform the customers of the fees. What we need are for these unjust fees to be removed. Why isn't anyone talking about the multiple billions of dollars profit the 2 biggest banks make each year? Yet they are not satisfied and continue to squeeze the customers even more. They are nothing short of rapacious. We, the customers must unite and find a way to make the banks understand that we will not support this nor allow it to continue. WE HAVE POWER and UNITY IS STRENGTH!! Together we can defeat the banks, believe it or not!!!
ReplyDeleteYou first need to know what the fees are. Concentrate on the banks and let us not argue as consumers. The ideas put in this post were not just picked out of a hat. These are ideas which have been compiled by persons who have been involved in the consumer movement for many years.
DeleteThe above, calling for unity and action is from me. Tonypateljm@yahoo.com
ReplyDeleteGreat.
DeleteAre we "tone deaf" like the banks?He who has economic power has real political power so the banks powers supersede the powers of our elected politicians.Do not think they are alone as they are just a part of the the same group of moneyed people making up the the the ruling economic class.Poor people like Flloyd Green though Minister of Finance and Andrew Holness Prime Minister are relatively poor people in the lower classes trying to get a job done.
ReplyDeleteThere hasctobbe a negotiated settlement or bring in new players since I do not think there is any monopoly contract like that signed with the JPS until 2027.
Enlighten the people and bring in new players to break up the tone deaf banking cartels and begin to help people create wealth instead of starting a new round of enslavement.
I agree that we should be informed of the charges.too often NCB add these small charges multiple times that you don't know what they are for. You have to call in and wait long periods while the reps "investigate", only to come back and let you know they don't know the reason. They then say they will provide you with a call back. But they never do. However these small charges remain. And they add up. If you don't pay attention sometimes you may not even notice them
ReplyDeletePlease look at your statements for these multiple charges!!!
We are in deep waters fighting the rich and powerful unless we put one of us in Parliament to fight back we will all be doomed.
ReplyDeleteWe have to hope that one of us do not become one of dem.
DeleteI love the way u speak with authroity n clarity..the bank is just taking us for a ŕide, if we speak with 1 voice it can make a big difference...me gwine keep my money under ground
DeleteY
Share this post with as many persons as possible and encourage them to add their comments.
DeleteThey use our money and get interest and the turn around and charge us. If you were even getting good customer service, it would not even be so bad. We have to unite and try going to the machine once per month.
ReplyDeleteJust a short comment on the bank fee situation in Jamaica I don't have a problem with banks charging fees for deposits what they should do is adapt the system that the banks use in the US and other countries set a limit that your deposits should not go below each month otherwise you will be charge a service fee most banks in the US charges $12.00 if your account is below $1500.00 if your account remains the same or more you will not be charge any fees I guess that the system was not implemented for poor people because they have nothing to save Please note none of these banks charges a deposit or withdrawal fee
ReplyDeleteThe $12.00 is a monthly charge if your account balance is below $1500.00
ReplyDelete